CBO: Public Debt Climbing, Headed Toward 141% of GDP

Posted by Tina

Despite efforts by our President to make it seem he’s done a magnificent job on the economy there are plenty of indicators that suggest he’s just full of happy talk, the sparkling confetti of the unicorn crowd. Investors reports:

The nation’s long-term fiscal picture has grown considerably more dire over the past year, according to the latest forecast from the nonpartisan Congressional Budget Office, driven mainly by out-of-control spending.

The CBO now expects federal debt held by the public to reach 141% of the nation’s GDP by 2046, assuming that current policies remain in place. That’s up sharply from last year’s forecast of 111%, and would be the highest level of debt in the nation’s history. …

… And despite President Obama’s promise that health care reform would help solve the nation’s deficit problems, health care will continue to be a major driver of federal spending, the CBO says, climbing “much faster than the economy.”

As a result, federal spending on health care — Medicare, Medicaid, ObamaCare, etc. — will rise from 5.5% of GDP this year to 8.8% by 2046. In fact, by 2034, the federal government will spend more on health care than it does on defense, domestic discretionary programs and welfare programs combined.

This news follows on the heels of news that Obamacare is failing in several states with insurers leaving the program because they cannot sustain considering losses. The need for reform to these programs has never been so clear. The free market works; government management and interference does not.

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4 Responses to CBO: Public Debt Climbing, Headed Toward 141% of GDP

  1. Libby says:

    “And despite President Obama’s promise that health care reform would help solve ….”

    Not right this second. First, we have to raise up our first generation of impoverished non-obese diabetics. There’s a peculiarly American irony, impoverished fat people.

    And then we have to get past the boomer bubble … and the then we’ll see.

    • Tina says:

      Oh for heavens sake Libby. You are asking the world to sit by on hold, including many sick people that can’t get treated because of high premiums and deductibles, people who must suffer the effect of growing poverty rates, joblessness, and added dependency on government (both sides) just so you can play act at bringing down the obesity problem?

      This is the same, throw government money at the problem solution you progressives proposed in 1965 with the War on Poverty. In fifty years you have not solved the problem of poverty. In the last eight years you have greatly exacerbated the problem of poverty:

      According to the 2014 U.S. Census Bureau ACS study (see charts below) 27% of all African American men, women and children live below the poverty level compared to just 11% of all Americans. An even higher percentage (38%) of Black children live in poverty compared to 22% of all children in America. The poverty rate for working-age Black women (26%) which consists of women ages 18 to 64 is higher than that of working-age Black men (21%).

      Poverty rates for Black families vary based on the family type. While 23% of all Black families live below the poverty level only 8% of Black married couple families live in poverty which is considerably lower than the 37% of Black families headed by single women who live below the poverty line. The highest poverty rates (46%) are for Black families with children which are headed by single Black women. This is significant considering more than half (55%) of all Black families with children are headed by single women.

      You cannot fix problems you will not clearly identify and you sure as he77 can’t fix “personal problems” (Obesity) by throwing more government money at it or by screwing up our healthcare insurance and care industries. (Obamacare)

      Greece is in our future if we don’t reform programs, downsize the bureaucracy, and eliminate waste and fraud.

  2. Libby says:

    “You cannot fix problems you will not clearly identify and you sure as he77 can’t fix “personal problems” (Obesity) by throwing more government money at it or by screwing up our healthcare insurance and care industries. (Obamacare)”

    You know, you are not a nice person.

  3. Tina says:

    You know, you just think you’re a nice person.

    As we have pointed out countless times, since the Obama person took office poverty rates are way up, the middle class is disappearing, only low paying jobs are being created, and your precious Obamacare has not delivered on it’s promise of coverage for all and lower insurance costs, in fact it has caused terrible problems for the insured and the insurance companies.

    There are no perfect answers but your team has managed to use all of the ones that fail dramatically.

    And you sit there believing that you care so much about people and wrongly think only your failing answers will do. Well to heck with that lady…doctors and other healthcare professionals can deal with the obese…granted a willing patient.

    We don’t need a complex, red tape filled, super expensive, debt building, federal program to do the touchy feely thing. In fact actual caring is MUCH MORE PERSONAL than your support of a big fat federal program ever could be.

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